The global antipsychotic drugs market is expected to register a remarkable CAGR of around 6% over the period of 2021-2027. This is mainly due to the high prevalence of neurological disorders and stringent government regulations coupled with the growing focus of major stakeholders in the healthcare system to adopt to make antipsychotic drug products more sustainable with fewer side effects and eco-friendlier. According to the World Health Organization (WHO), in 2018, globally more than 300 million individuals suffered from depression. The considerably large number of people suffering from mental stress increases the demand for antipsychotic drugs. As a result, the government is focusing on raising awareness about the illnesses and the effect which significantly contributes to the market for antipsychotic drugs. Therefore, the market for antipsychotic drugs is expected to witness significant growth during the forecast period.
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Based on therapeutic class, the market is classified into first generation, second generation, and third generation. Amongst therapeutic classes, the second-generation category accounted for a significant share of the market. The growing prevalence of schizophrenia is leading to the growing share of this segment as the second-generation drugs are being used to treat this disease by replacing first-generation antipsychotics. Atypical antipsychotics, a second-generation drug includes clozapine, risperidone, sertindole, asenapne, olanzapine, paliperidone, and quetiapine are helpful in treating schizophrenia.
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Based on distribution channels, the market is categorized into hospital pharmacies, retail pharmacies, online pharmacies, and others. Among these, hospital pharmacies are expected to witness the highest CAGR during the forecast period. A growing number of hospital pharmacies globally is contributing to the growth of the segment. The benefits associated with the hospital pharmacies such as availability of numerous drugs, and better alternatives. Also, the prescriptions for antipsychotics can only be administered after a thorough medical examination, due to which the end-users are more inclined towards the hospital pharmacies.
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For a better understanding of the market adoption of the home-use beauty industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Spain, and Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World. North America is expected to witness a significant CAGR during the forecast period on account of the growing number of antipsychotic drug manufacturers and medical treatment activities due to the rising mental health problems among consumers in countries like the U.S. and Canada. According to the Anxiety and Depression Association of America, anxiety disorders are the most common mental illness in the U.S., affecting 40 million adults in the United States age 18 and older, or 18.1% of the population every year. Thus, providing care to people suffering from mental disorders such as the provision of essential medicines and public education decreases the stigma and discrimination about mental illness. The awareness programs regarding the psychiatric illness industry owing to the presence of well-established market players and frequent product launches in the region. Furthermore, many medical and antipsychotic drugs company are headquartered in the region, which are now focusing on coming up with novel drugs for the treatment of this disease.
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Some of the major players operating in the market include Eli Lily and Company, AstraZeneca plc, GlaxoSmithKline plc, Johnson & Johnson, Otsuka Pharmaceutical Co, Ltd., Pfizer Inc., AbbVie Inc., Bristol-Myers Squibb, Teva Pharmaceuticals, Dr. Reddy’s Laboratories.
Global Antipsychotic Drugs Market Segmentation
Market Insight, by Therapeutic Class
· First Generation
· Second Generation
· Third Generation
Market Insight, by Application
· Schizophrenia
· Dementia
· Bipolar Disorder
· Depression
· Others
Market Insight, by Distribution Channel
· Hospital Pharmacies
· Retail Pharmacies
· Online Pharmacies
· Others
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Australia
o Rest of Asia-Pacific
· Rest of World
Top Company Profiles
· Eli Lily and Company
o AstraZeneca plc
o GlaxoSmithKline plc
o Johnson & Johnson
o Otsuka Pharmaceutical Co, Ltd.
o Pfizer Inc.
o AbbVie Inc.
o Bristol-Myers Squibb
o Teva Pharmaceuticals
o Dr. Reddy’s Laboratories